Let's Talk Family Enterprise

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.   Description Guest host Steve Legler speaks with FFI Fellow and family business consultant Ken McCracken about the importance of recognizing what our family business clients are doing right and avoiding jumping in with "best practices" and recommendations that don't fit the family or the business. Ken offers the idea of beginning any client intervention with "cautious observation" and then offers clients the benefit of those observations as a "reporter of sights" to the family. He then gives them some useful information that you, as an independent outsider, can reveal to them about their family and business systems. He also offers his views on family governance and whether or not everything needs to be formally documented for the family to succeed.   Guest bio Ken McCracken, FFI Fellow, is a family business consultant and founder of McCracken Family Business Consulting in Edinburgh, Scotland. Ken teaches a Family Business Module on the STEP Professional Postgraduate Diploma in Private Wealth Advising and in 2016, he was named the “Family Business Adviser of the Year” by the Society of Trusts and Estate Practitioners. He is a former member of the Research Applied Board for the Family Business Review and is a current member of the 2020-2021 UK/Europe Regional Advisory Committee. In 2018, Ken chaired the FFI Global Conference in London.   More information about Ken can be found here.   Key Takeaways [0:16] Steve introduces Ken McCracken, author of the article, “The Natural Advantage of Family Businesses,” and asks him to quickly explain what he means by advantage. [2:44] For a family business to have existed for a decade, they have to be doing something right, Ken invites advisors not to ‘throw the baby out with the bathwater.’ [4:17] Ken shares a mistake he made in his early days as an advisor. Which led him to humbly realize he had to come into every family with a learning mindset and give them the benefit of the doubt. [6:20] Ken and Steve touch on the role of advisors in helping families figure out exactly where they want to establish the boundaries between family and business. [9:04] Ken offers that cautious observation is a basic courtesy that should be extended to any new family an advisor would work with. [12:32] Steve talks revealing the system to itself and Ken follows with finding what ‘better’ means for each family. [14:50] Ken touches on adaptive incremental change — helping families get better at what they’re doing already while also keeping the pace of generationally-propelled change manageable. [20:44] When it comes to natural governance, when do you write things down, if ever? [25:31] Ken’s book recommendation and his advice as an advisor to another. [29:14] Steve thanks Ken for coming on to share his expertise and invites listeners to subscribe.   Share your thoughts with us at fea@family-enterprise-change.com   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange.   Books/articles: “The Natural Advantage of Family Businesses,” by Ken McCracken Process Consultation: Its role in organization development, by Edgar Shein   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.   Description In a time of crisis, as Family Enterprise Advisors (FEAs) we work hard to be the valuable and trusted resource to our client families. In his latest work, Borrowed from your Grandchildren, Dennis Jaffe reports on a research project where he interviewed family members from 100 global business families who had succeeded over more than three generations. The book shares their stories of continual reinvention and renewal, and how they responded to vast changes in their family and business worlds.   Guest host Steve Legler sits down with Dennis to discuss ways that FEAs can use the wisdom gleaned from this research in service of their family enterprise clients as they face the COVID-19 pandemic.   Guest bio For over 40 years, Dennis T. Jaffe has been one of the leading architects in the field of family enterprise consulting. As both an organizational consultant and clinical psychologist, he helps multi-generational families to develop governance practices that build the capability of next-generation leadership and ensure the ongoing capability of financial organizations and family offices to serve their family clients.   He is also a Family Business Scholar at the Smith Family Business Initiative at Cornell University, a faculty advisor at the Ultra High Net Worth Institute, a regular contributor to Forbes Leadership channel, reporting on family cross-generational family business and wealth, and a professional member of the Society for Trust and Estate Planners (STEP).   For 35 years, he was a Professor of Organizational Systems and Psychology at Saybrook University in San Francisco, where he is now Professor Emeritus. He received his B.A. in Philosophy, M.A. in Management and Ph.D. in Sociology from Yale University.   More about Dennis here.   Key Takeaways [0:16] Steve introduces Dennis Jaffe and asks his guest to explain the origin, nature and goal of his most recent book. [4:38] Dennis touches on the qualitative and narrative research used to build the theories and common themes covered in the book. [6:00] From facing a crisis head-on to having the ability to reinvent and redefine who you are as a family and as a business, Dennis shares some tips for family advisors derived from successful multi-generational family businesses. [10:04] Where does a family’s energy for change come from? [12:11] Dennis touches on the notion of a Family Bank to invest and foster the next generation’s ideas and creativity both for money-making and social impact ventures. [14:38] Advisors can be useful in ways that families may not ask or expect, Dennis shares a few examples of how this can manifest in the field. [19:06] “Which one of my kids is going to be the successor?” Dennis explains how and why, when looking at 100-year family businesses, this is the wrong question. He also explains the need to challenge the very questions people want help with. [22:40] First things first, coming out of this crisis: managing everyone’s expectations that are no longer true… Dennis offers examples. [29:19] Everything will change with COVID-19; make sure you adapt and evolve. [31:21] Dennis shares his last piece of advice from one advisor to another as well as a book recommendation. [34:00] Steve thanks Dennis for his time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange.   Books: Borrowed From Your Grandchildren: The Evolution of 100-Year Family Enterprises, by Dennis T. Jaffe Ready or Not: Preparing Our Kids to Thrive in an Uncertain and Rapidly Changing World, by Madeline Levine   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Dennis T. Jaffe’s website

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.   Description At a time where uncertainty reigns for most of our clients, and ourselves, some things are certain. It is certainly true that we are all spending more times in our homes; it is certainly true that relationships are adapting to new realities and it is certainly true that we are experiencing far more anxiety than normal. Discussing how COVID-19 difficulties provide a significant opportunity for personal and professional development, Steve Legler, FEA, (shiftyourfamilybusiness.com) sits down with family therapist, Peter Vaughan, FEA, for some guidance with our own family circumstance, for our work as advisors and for the family enterprise clients we seek to help.   Guest bio Peter Vaughan is a designated Family Enterprise Advisor, Registered Clinical Counsellor in the province of British Columbia, Canada and a Certified Gottman Method Therapist. He is also a Principal and Co-founder of Your Family Enterprise Advisors, Inc. (familyenterprisetherapy.com). His role on YFEA’s multi-disciplinary team focuses on facilitation and analysis of interpersonal dynamics as applied to family enterprise governance, generational transitions of ownership, and management and interpersonal skills capacity building. Peter’s style is direct, reality-focused, and comprehensive in addressing the personal and interpersonal facets of your life which help or hinder your success in relationships and living. The therapy that he practices is grounded in sound theory and research about individuals, couples and families.   Key Takeaways [0:16] Steve introduces Peter Vaughan and launches the conversation with the interesting aspects of work and family balance especially as it pertains to FEAs during the COVID-19 pandemic. [5:10] Some of your clients may be more used to this jumbling of family and work together and this may be a great opportunity to learn. [8:41] Communication erodes when primary needs are triggered, Peter explains what this means in terms of security and significance and how these two primary needs are currently being triggered in different ways. [12:15] Peter and Steve talk about the differences between being overworked, or alternatively, having nothing significant to do — which is worse? [15:10] Peter discusses his thoughts about how some incompatibilities in this closed interaction with family members can be magnified. [19:21] If you sense defensiveness, you can be sure you’ve been perceived as criticizing. Peter touches on the skills required to defuse defensiveness and how this may be the best time to practice them. [21:20] What is positive affect? The first three minutes of an interaction can determine the emotional outcome of a conversation. [24:54] Peter offers some tips on how to start a difficult conversation and it can be as simple as an upfront declaration of goodwill and a show of honesty and love. [27:24] This crisis may just be the great equalizer in relationships and conversations; Peter explains how. [28:45] Peter raises a flag when it comes to the potential to over-engage in worry when control escapes us, especially when it comes to business leaders. [32:10] Learning is the key to coming out of this better and stronger than we came in as people and as advisors. Steve and Peter discuss the interesting aspects that can be discussed with families once the crisis has abated. [34:08] Peter shares his book recommendations and one piece of advice from an advisor to other advisors. [37:44] Steve thanks Peter for his time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   Books: The Relationship Cure: A 5 Step Guide to Strengthening Your Marriage, Family, and Friendships, by Joan DeClaire and John M. Gottman   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Peter Vaughan on Your Family Enterprise Peter Vaughan on West Vancouver Therapy Peter Vaughan on Counselling BC

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors (FEAs) in supporting their clients.   Description Family enterprise clients rarely want to fail at wealth transition, yet the research finds that most do. Host Ruth Steverlynck sits down with Courtney Pullen, author of Intentional Wealth: How Families Build Legacies of Stewardship and Financial Health to take a deep dive on those families—the ten percent—that manage to build lasting patterns of emotional and financial health to see the common attributes that we as advisors can learn from to help our family enterprise clients with similar aspirations for a successful transition of their wealth.   Guest bio Courtney Pullen, M.A., is the President of The Pullen Consulting Group. He has more than 25 years of experience in individual and family coaching, business and management consulting, leadership development, communication and team building. Pullen has lectured frequently, conducted numerous workshops and been published in the areas of individual and organizational change, behavioural finance, communication and family wealth dynamics. He is a former contributing editor to the Journal of Financial Planning and the Journal of Practical Estate Planning and is a faculty member of the Sudden Money Institute. He is also a graduate of the Newfield coaching program. His primary focus is as a consultant to financial services firms and affluent families. He recently published the best-selling book, Intentional Wealth: How Families Build Legacies of Stewardship and Financial Health.   Key Takeaways [0:16] Ruth introduces Courtney Pullen and this episode’s theme, the 10 percent, before a brief discussion about affluent families that fail. [3:16] Courtney touches on the difference that wealth actually makes in a family, as well as the importance of keeping in mind that all families have “stuff.” [5:50] Ruth and Courtney discuss challenges that wealthy families face, such as material limits and boundaries, and societal treatment. Courtney also shares examples of value-based boundaries as well as some issues arising from being born into affluent families. [9:54] Courtney talks about some common themes that the interviews from his book highlighted regarding the creation of wealth versus receiving wealth. [11:09] Courtney shares a story of hope as well as some practical advice for advisors about “optimal frustration.” [17:19] Courtney discusses how intentionality is the common denominator in G3+ families. [18:14] Courtney shares other common attributes that have a big impact on the successful transition of wealth, such as investing in the next generation, focusing on healthy communications and investing in the family as much as you do in the business. [22:54] How do you prepare people for receiving wealth they haven’t earned? Courtney explains the delicate balance between denial vs. entitlement. [25:32] Courtney explains how everything he has mentioned is not yet common practice and wonders if this could be the cause of the dire 10 percent success statistics. [26:52] Individual pursuits and family businesses often do not align; Ruth and Courtney speak to the importance of building empowered family relationships. [28:40] There is no recipe, but change occurs in the direction of our attention and intention. [31:13] Ruth takes a moment to recap the important points that Courtney has brought to the podcast and asks him for a last piece of advice. [35:37] Courtney shares his reading suggestions. [37:14] Ruth thanks Courtney for his time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   Pullen Consulting Intentional Wealth: How Families Build Legacies of Stewardship and Financial Health, by Courtney Pullen Mindset: The New Psychology of Success, by Carol Dwek   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Courtney Pullen’s website

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.   Description Steve Legler is our guest host today and he welcomes Mary Duke, Independent Family Advisor based in New York City to talk about human capital and the emergence of the Chief Learning Officer role for families.   Guest bio Mary Duke is an internationally recognized advisor to families navigating the complexities of substantial wealth. Her work is anchored in the facilitation of family meetings, strategic planning for owned businesses, private trust companies and family offices and the education and mentoring of family members around the world. She is known for her deep expertise on the impact of trusts on families and her work in generational transition in family enterprises, and she is a licensed attorney and accountant. She has served in private client law and business consulting.   Key Takeaways [0:16] Steve introduces Mary Duke and invites her to share a little background on the work she does as an advisor to families. [3:20] Mary touches on the predictable, but more importantly the less easy to anticipate events that may arise — especially in light of the fundamental change some economists are calling the intangible/4th/experience economy. [5:33] Mary talks about the underlying qualities one has to hone for long term success and helps family members practice them through experiential learning. [8:55] It’s easy for families to grow apart, so Mary works at creating patterns of behaviour and helps families work better and make better decisions together. [10:20] On the challenges of getting the quiet voices in a family to be heard, as well as how to evolve in your role when advising a family. [12:45] Steve and Mary discuss when it may be time to bring in an outside person. [13:33] Mary explains what she means by human capital — but first, she talks about what a Chief Learning Officer (CLO) is and why it’s a growing position, as well as some of the lessons we can apply to our families. [19:20] You have to invest both time and money in your human capital. [20:18] Mary’s tips on how to grow and measure the individual human capital. [22:53] Mary’s tips on how to effectively and soundly grow collectively. [25:36] Mary shares her thoughts on governance, what it is and how it can be used. [26:50] Steve asks what the Chief Learning Officer’s job is. [29:08] Mary’s parting thoughts. [30:06] Steve thanks Mary for her time and experience, then invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   “Growing your Family’s Human Capital: Ten Lessons from the Emergence of the CLO”   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Mary Duke on LinkedIn

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors (FEAs) in supporting their clients.   Description Steve Legler is our guest host today and he welcomes Dr. Dawn Gross and Nancy Belza in order to learn how to better talk about death with clients.   Guest bios Dr. Dawn Gross and Nancy Belza co-founded Dyalogues, along with their partner, Paul Puccinelli.   Dawn Gross, MD. PhD. is a palliative medicine physician dedicated to transforming end-of-life conversations. Considered a national thought leader on end-of-life care, her work has been featured in Science, JAMA and The New York Times.   Nancy Belza is a Relationship Manager, Business Development Consultant, Training Specialist and planning activist. She combines natural compassion and innate storytelling abilities with over 25 years of financial services industry experience and 15 years of mental health advocacy to help people face end-of-life planning prepared and empowered.   Key Takeaways [0:16] Steve introduces Dr. Dawn Gross and Nancy Belza, and asks them why Family Enterprise Advisors should have an interest in learning how to talk about death, as well as some of the cultural barriers to those conversations. [5:35] Dawn and Nancy’s work has a lot to do with the normalization of the discussions around death; they explain what that actually entails, from the knowledge vacuum to the semantic field. [9:45] Dyalogues was born out of personal experiences with death that Nancy wished to avoid for as many others as possible; she touches on how this personal story affected her view and how it shaped Dyalogues’ mission. [12:40] Nancy highlights the privileged position Family Enterprise Advisors find themselves in and the crucial role they can play in helping the flow of communication in a family. She shares some advice on how to word your support and guidance. [15:30] Steve recaps the opportunities Nancy underlined, as well as the steps that were laid out for an advisor to follow. [16:30] Dawn invites people who are less comfortable, or do not wish to develop fluency in this field, to identify and reach out to experts in this area. [18:40] Steve shares how this resonates with him on a professional level and some surprising statistics he has heard before asking if the Dyalogues co-founders have some insight to share about them. [20:42] Nancy shares her thoughts on the recent conference she participated in with Millennials and how it should help shape discussions we begin about death or dying. [22:00] Steve asks if Nancy can share some background on “The Elephant in the Room” talk she gave at the Purposeful Planning Institute Conference in Denver. [23:59] Creating permission to start a conversation is the key to breaking down the taboos and building meaningful plans around death that grow and change with the individuals. [27:00] Nancy and Dawn share what services are offered by Dyalogues, including the ones specifically tailored to advisors. [29:40] While macroscopic cultural differences exist when it comes to engaging or avoiding death and the conversations around it, the necessity for preparation remains the same since each relationship is its own cultural ecosystem. [31:40] Nancy and Dawn share their parting tips. [33:18] Steve thanks Dawn and Nancy for their time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   Dyalogues Purposeful Planning Institute   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Dr. Dawn M. Gross, M.D. at Dyalogues Nancy Belza at Dyalogues

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.   Description Today we are very lucky to hear from Thayer Willis, author, speaker and practicing psychotherapist, who gives her unique understanding of the pressures of joining the family business.   Thayer was born into the Georgia-Pacific Corporation founding family and brings an insider perspective to helping family members grappling with the decision: do I join the family business or not?   Guest bio Thayer Willis is an internationally-recognized author and expert in the area of wealth counseling. Since 1990, she has specialized in helping people of all ages handle the psychological challenges of wealth. A member of the founding family of the multibillion-dollar Georgia-Pacific Corporation, Thayer offers an insider's perspective on the challenges that wealthy families face on a regular basis.   Thayer has been interviewed on ABC's Good Morning America and 20/20. Her programs are tailored to individuals and families of affluence, financial professionals, family office advisors and estate planning attorneys.   Key Takeaways [0:16] Ruth introduces Thayer Willis, her background and publications, and invites her to speak about her own story growing up in a wealthy family. [7:00] Thayer speaks to the advantages of family businesses, but she also speaks to the pressures of joining them and some of the disadvantages younger generations face. [12:52] In order to help families grapple with whether or not to join the family business, Thayer lays out a few important steps that advisors can follow. [16:06] Thayer shares five to six pertinent questions to ask young family members — starting at about 12 years old. [17:46] Assessments can also be of great use; Thayer lists a few of the ones she has in her tool bag — links below. [19:28] Going into a family business should never be a default position, everyone has the right to consider what it is they want to do for themselves. [20:55] Thayer agrees that going to work outside the family business is a very useful step towards deciding if and when they do come into the family business. [22:23] Ruth takes a moment to summarize Thayer’s recommendations, and Thayer shares a personal story. [26:29] Thayer shares some books that have made an impact on her. [28:30] Thayer offers up tips on how to have a stress free holiday. [32:10] Ruth thanks Thayer for her time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   Book: Navigating the Dark Side of Wealth: A Life Guide for Inheritors, by Thayer Cheatham Willis Book: Beyond Gold: True Wealth for Inheritors, by Thayer Cheatham Willis   Assessments: DISC Enneagram StrengthsFinder Johnson O’Connor   Thayer’s book suggestions: Grit: The Power of Passion and Perseverance, by Angela Duckworth Make It Stick: The Science of Successful Learning, by Peter C. Brown, Henry L. Roediger III, and Mark A. McDaniel   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Thayer Willis’ website

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients. What do Family Enterprise Advisors need to know about trusts? Hartley Goldstone shares the most important aspects of a trust, which he has learned over 30 years of experience. He also shares some valuable, actionable tips for advisors who will undoubtedly come across trust situations in their practice.   Guest Bio Hartley is a seasoned expert in the arena of trusts and has 30 years experience as a trust attorney and senior trust officer until 2009, when he set up his company, The Trustscape LLC, which focuses on helping clients create supportive trust cultures. In 2010, Hartley launched the Beneficiary and Trustee positive story project which culminated in his book Trustworthy, a collection of 25 stories capturing what has gone well in the trustscape. He is the lead author on the seminal work Family Trust, a practical guide on how to use trusts to pass on wealth. Key Takeaways [0:16] Ruth introduces Hartley Goldstone, his background and publications, and invites him to define the term Trustscape — a fluid system of relationships — that he himself coined. [7:22] From being an attorney to understanding that it all boils down to relationships: Hartley shares a fable that illustrates how he came to understand what hopes and dreams have to be addressed in a trust. [11:25] Hartley speaks to the long history of trusts, all the way back to the middle ages and how they relate to relationships. [15:20] Ruth talks about James E. Hughes Jr.’s comments on the staggeringly high number of trustees reporting that they are unhappy with their trust. Hartley touches on some beneficiary and trustee realities that could explain those numbers. [19:46] Hartley shares his vast experience in the form of six actionable ideas that advisors can use with their clients: Choose a meaningful title Create a preamble Include letters of wishes to beneficiaries and trustees Distribution committees Education Read Trustworthy [37:09] Ruth summarises the key elements Hartley shares during this interview and asks Hartley to share some reading suggestions. [42:33] Ruth thanks Hartley for his time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange Book: Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators, by Hartley Goldstone, James E. Hughes Jr., and Keith Whitaker Book: TrustWorthy: New Angles on Trusts From Beneficiaries and Trustees, by Hartley Goldstone and Kathy Wiseman   Hartley’s author suggestions: James E. Hughes Jr. Dr. Robert A. Emmons Heidi Grant Halvorson Dr. Dan J. Siegel   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn FEX on YouTube   More about our guest hartley@navigatinvthestrustscape.com Hartley Goldstone’s website   Tweetables (edited) “The trustscape consists of everybody touched by a given trust from the creators, trustee beneficiaries to the advisors.” — Hartley Goldstone “Trusts have focused on relationships from the very outset, from the time they originated in England in the middle ages.” — Hartley Goldstone “Trusts solve problems and create relationships.” — Ruth Steverlynck “People think that trusts are legal structures that happen to involve human beings, but actually trusts are human relationships that happen to sit within a legal structure.” — Hartley Goldstone quoted by Ruth Steverlynck

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors (FEAs) in supporting their clients.     Myra Salzer is the Founder of The Wealth Conservancy and has been repeatedly listed among top financial advisors in the U.S. by Worth Magazine.   Myra joins host Ruth Steverlynck to share her insight and knowledge on working as an advisor for inheritors. She shares tips, best practices and what to consider when building relationships with this often underserved and misunderstood clientele.   Key Takeaways [0:16] Ruth introduces Myra Salzer — known as the inheritors’ advocate — and asks her to explain what an inheritors' advocate is. [3:12] There has been a rise in resentment against the wealthy and Myra touches on how this has affected inheritors and what emotions she usually sees in new beneficiaries. She also shares tips on what advisors should check, in themselves, in order to do their jobs well. [5:34] Hostile envy is a phenomenon that can manifest itself in some individuals in direct relation to their own relationship to money and can be very destructive to inheritors. Myra also gives her definition of minorities, how inheritors do fall within those parameters and why they require an advocate. [8:26] Myra shares her experience on how to best work with inheritors from an advisory perspective, as well as the biggest pitfalls to avoid, the first of which is to work on being aware of your own prejudices and find ways to circumvent them in order to prevent dehumanizing your clients. [14:09] So you’ve found that you do have some biases and latent prejudices? Myra explains how relying on other people or teams to better serve your client may be the best way to move forward in that relationship. [15:36] Myra offers a workshop for inheritors as many tend to hide their wealth and try to fit in. She shares the story of when she realized how alone this minority group was and how helpful this workshop can be. [23:03] Advisors should also have a place to safely talk about their experiences and bounce ideas off of other experts and meet new resources. [24:00] For listeners who are interested in this topic, Myra recommends a book, her TEDx talk and her workshop, all of which are linked below. [25:45] Ruth thanks Myra for her time and experience, then invites listeners to subscribe and tune in for the next episodes.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange   Myra’s resources Workshop: Inheritors of Wealth Workshop Myra’s Books Myra’s TEDx Talk Book: The Cycle of the Gift: Family Wealth and Wisdom, by James E. Hughes Jr., Susan E. Massenzio, and Keith Whitaker More about the Family Enterprise Xchange Family Enterprise Xchange (FEX) FEX on LinkedIn FEX on Facebook FEX on Twitter   More about our guest Myra Salzer at The Wealth Conservancy Myra Salzer on LinkedIn

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family enterprise Advisors in strengthening their clients.   This episode explores the idea of character. Your host Ruth Steverlynck is joined by Greg McCann, family business owner, Founder, Principal, and executive coach of McCann & Associates, a consulting firm for family enterprises.   Key Takeaways [:16] Ruth introduces Greg and invites him to talk a little bit about his background. [3:00] Ruth and Greg define character for the purposes of this podcast and its double importance for family enterprise advisors. [5:58] Is there any research to substantiate this idea that families are looking for more than just expertise? [11:07] Because this is a very introspective process, Greg suggests four gears to modulate in order to better your practice as an advisor. [16:07] The 30-second rule. [18:13] Ruth summarizes the four gears: problem-solving, feedback, coaching, and validation. [20:27] Greg shares some tangible practices for working on your character: create some white space for yourself, find someone neutral who can give you feedback, find someone to listen to you. [25:25] Greg shares additional resources for listeners. [26:46] Ruth thanks Greg for his time and experience and invites listeners to subscribe and tune in for the next episodes.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange Greg McCann & Associates Book: When Your Parents Sign the Paychecks: Finding Success Inside or Outside the Family Enterprise, by Greg McCann Book: Who Do You Think You Are?: Aligning Your Character And Reputation, by Greg McCann Family Office Exchange Center for Creative Leadership resources on feedback Myers & Briggs Book: The Road to Character, by David Brooks Book: Wherever You Go, There You Are: Mindfulness Meditation In Everyday Life, by Jon Kabat-Zinn   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn FEX on YouTube   More about our guest Greg McCann’s bio on Greg McCann & Associates Greg McCann at Cornell’s SC Johnson College of Business Greg McCann on LinkedIn